Washington, D.C. 20549






For the month of September 2023


Commission File Number: 001-33911





100 First Stamford Place, Suite 302

Stamford CT 06902


(Address of principal executive offices)


Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.


Form 20-F þ Form 40-F o


Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o


Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o






Exhibit Index


Exhibit No.


Exhibit 99.1 Press Release Regarding 2023 Second Quarter Financial Results










Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.




  By: /s/ Ke Chen
  Name: Ke Chen
  Title: Chief Financial Officer


Date: August 31, 2023






Exhibit 99.1




Aug 31, 2023


Dear shareholders,


We delivered an extremely solid quarter and made good progress on our key strategic initiatives. Q2 revenue grew 312% year-over-year to $33.8 million driven by strong contribution across all of our business lines. Gross margin was 37.4%, driven by improved mix of higher margin projects, particularly in Europe, where we are benefiting from a tailwind of higher energy prices. These results drove a net income of $8.3 million, which was a record high for us in the last five years.


In our project development business, building on our successful track-record in Europe, we sold two major projects in Poland and Hungary for a total of 62 MWs. Following quarter end, in July, we successfully closed the sale of an 11.5 MW solar project to the Swiss-based energy company, MET Group. This project marked our first major project sale in Germany and represents a significant milestone for our Company as Germany stands as one of the foremost renewable energy markets in the world.


In addition, during the quarter, we saw strong revenue and margin contribution from our recently acquired solar farm in Branston, U.K due to favorable energy prices. These results give us confidence in our IPP strategy in Europe.


Further, in Q2, we executed on our storage pipeline strategy and began the monetization process of our storage pipeline with an inaugural 260 MW of battery energy storage system projects in Italy. This effort was part of our recently announced strategic partnership with Matrix to develop up to 1.5 GW of a portfolio of Battery Energy Storage Systems in Italy. These solar storage system projects add a new revenue stream with attractive margins to our business and we look forward to sharing further progress in the upcoming quarters.


Over the past two years, the European market has been our key strategic priority and we are very pleased with the progress we have made over thus far. We have a very strong pipeline here and it continues to represent Emeren’s largest market opportunity going forward.


In China, we continued to make progress in our realignment strategy to the rest of the world as “Develop – Build – Own or Sell”, compared to the original strategy of “Develop – Build – Own as IPP”. Last quarter, we announced that we are refocusing our efforts to five coastal provinces that have the most favorable power prices supported by a strong economy and regulatory environment. We anticipate selling all of our solar assets outside of these five provinces and some in these five focused markets, which will help strengthen our balance sheet.


In Q2, we successfully closed the sale of a portfolio of rooftop distributed generation (DG) projects located in Henan province, totaling 29 MW, to CNNP Rich Energy Co., Ltd., a prominent leader in the China renewable energy sector. We anticipate on closing the sale of additional projects in the upcoming quarters in Henan and Hebei provinces.


Looking to the remainder of the year, we expect strong performance driven by project sales and contribution from our recent acquisitions. Our full year guidance for net income continues to be between $22 million to $26 million, with gross margin anticipated to exceed 30%. For revenue, we now anticipate results to be near the lower end of the previously stated range of $154 million to $174 million due to project timing. Our net income guidance reflects impressive annual growth of approximately 300%, a milestone which we are extremely proud of as our focus remains on profitability given the volatile nature of our topline due to project timing. We expect our Q3 revenue to be between $27 million and $30 million and gross margin to be in the range of 35% to 38%.






Regarding our solar development and storage pipeline, over the course of the quarter, we conducted a comprehensive review of our global project pipeline and implemented a standardized tier system that spans across both our development and storage businesses. This refinement has led to the establishment of a more rigorous requirement for projects that reported in our pipeline. As a result, we will now track and report an “advanced-stage” and an “early-stage” pipeline metric. The advanced-stage pipeline represents projects with a significantly high likelihood of successful completion, thus serving as a reliable predictor of future revenue. Meanwhile, the early-stage pipeline metric encompasses projects for which we have determined a reasonable probability of success.


By the end of 2023, we anticipate an advanced-stage solar project pipeline of at least 3 GW, of which we now anticipate monetizing approximately 400 MW of projects in 2023. Beyond 2023, we are targeting to monetize 500 MW – 600 MW a year. In addition, we expect an advanced-stage storage project pipeline of 6 GWh by the end of 2023.


In conclusion, we are optimistic about our revenue growth this year and beyond, driven by a robust project pipeline. Our strong position in rapidly growing solar markets, fueled by rising clean energy demand, increased PPA prices, and supportive government policies, further boosts our prospects. With expertise in solar project development, an extensive industry network, and solid balance sheet, we are making significant progress towards becoming a leading global solar company. We are committed to delivering value for our shareholders. In Q2, we repurchased approximately 375,000 American Depositary Shares (“ADS”) of our stock and have approximately $15 million buyback authorization remaining at the end of the quarter.


With that overview, we will now review the details of our second quarter operating and financial performance.






Q2 2023 Financial Highlights:


Revenue was $33.8 million, up 312% YoY

Gross margin was 37.4%, above the high-end of our guidance range

EBITDA was $8.8 million, up 269% YoY

Adjusted EBITDA was $9.3 million, up 307% YoY

Net income was $8.3 million, up from $0.2 million loss in Q2 last year


$ in millions  Q2’23   Q1’23   Q/Q   Q2’22   Y/Y 
Revenue  $33.8   $12.9    163%  $8.2    312%
Gross profit   12.7    1.6    695%   3.7    243%
Operating income (loss)   5.0    (3.0)   N/M    (0.2)   N/M 
EBITDA   8.8    1.8    381%   2.4    269%
Adjusted EBITDA   9.3    (0.5)   N/M    2.3    307%
Net income (loss) attributed to Emeren Group Ltd  $8.3   $(0.2)   N/M   $(0.2)   N/M 


Revenue by segment:


($ in thousands)
   % of Total
Project development  $14,216    42%
IPP   9,819    29%
EPC   8,585    25%
Development services and other   1,226    4%
Total  $33,846    100%


Revenue by region:


($ in thousands)
   % of Total
Europe  $29,513    87%
China   4,079    12%
USA   254    1%
Total  $33,846    100%


Advanced-Stage and Early-Stage Solar Development Project Pipeline


Project Pipeline by Region (as of June 30, 2023):


Region  Advanced






Europe   1,846    3,774    5,620 
U.S.   640    1,477    2,117 
China   97    -    97 
Total   2,583    5,251    7,834 


Project Pipeline by Country (as of June 30, 2023):


Country  Advanced






Poland   435    -    435 
Hungary   49    -    49 
U.K.   100    -    100 
Spain   331    2,298    2,629 
Germany   136    1,462    1,598 
France   118    14    132 
Italy   677    -    677 
U.S.   640    1,477    2,117 
China   97    -    97 
Total   2,583    5,251    7,834 






Advanced-Stage and Early-Stage Solar Storage Project Pipeline


Project Pipeline by Region (as of June 30, 2023):


Region  Advanced



Europe   4,160    2,088    6,248 
U.S.   364    2,144    2,508 
China   78    -    78 
Total   4,602    4,232    8,834 


Project Pipeline by Country (as of June 30, 2023):


Country  Advanced



Poland   2,960    -    2,960 
Hungary   -    -    - 
U.K.   160    200    360 
Spain   -    100    100 
Germany   -    -    - 
France   -    -    - 
Italy   1,040    1,788    2,828 
U.S.   364    2,144    2,508 
China   78    -    78 
Total   4,602    4,232    8,834 


Growing IPP Asset Portfolio in Attractive PPA Regions


In line with our strategic expansion strategy, we are actively involved in developing independent power producer (IPP) projects. Furthermore, we are actively seeking M&A opportunities throughout Europe to capitalize on the advantageous market conditions, such as the increased prices of solar power purchase agreements (PPAs) and the favorable regulatory landscape. We currently own and operate 236 MW of IPP projects, of which ~60 MW is in Europe, ~24 MW in U.S. and ~152 MW in China. In Q2, we sold 29 MW of legacy projects in Henan province and added ~7 MW IPP assets in the focused markets in China.


Operating Assets  Capacity (MW) 
Europe   60 
U.S.   24 
China DG   152 
Total   236 






Q2 2023 Financial Results:


All figures refer to the second quarter of 2023, unless stated otherwise.




Revenue of $33.8 million increased 312% year-over-year and 163% sequentially. The growth in revenue was mainly driven by strong project sales in Europe and our IPP assets.


Gross Profit and Gross Margin


Gross profit was $12.7 million and gross margin was 37.4%, up from $1.6 million and 12.4% in Q1 2023 and up from $3.7 million and 45.0% in Q2 2022. Gross margin was at the high end of our guidance range primarily driven by improved mix of higher margin projects, particularly in Europe.


Operating Expense


Operating expenses were $7.6 million, up from $4.6 million in Q1 2023 and up from $3.9 million in Q2 2022. The increase in operating expenses primarily resulted from the recognition of $2.1 million one-time loss from the divestiture of our China rooftop projects in Henan province.


Net income attributable to Emeren Group Ltd’s common shareholders


Net income attributed to Emeren Group Ltd’s common shareholders was $8.3 million, compared to net loss of $0.2 million in Q1 2023 and net loss of $0.2 million in Q2 2022. Diluted net income attributable to Emeren Group Ltd’s common shareholders per ADS was $0.14, compared to $0.00 in Q1 2023 and $0.00 in Q2 2022.


Cash Flow


Cash used in operating activities was $2.4 million which was mainly for the continuous development of Poland and Hungary COD projects; cash provided by investing activities was $0.1 million, and cash provided by financing activities was $1.2 million.


Financial Position


Cash and cash equivalents at the end of Q2 2023 were $60.5 million compared to $66.7 million in Q1 2023.


Net asset value (NAV) is approximately $5.98 per ADS.


Our debt-to-asset ratio at the end of Q2 2023 was 10.08% compared to 11.29% in Q1 2023.


Shares Buyback


We purchased approximately $1.4 million ADS during the quarter and plan to continue to execute on the share buyback program, which has approximately $15 million remaining in authorization.








We believe broad social and governmental support for renewable energy will create a robust environment supporting the growth of solar projects, which in turn should drive exciting growth for us in the quarters ahead. Our strategy is sound, and our track record of execution is strong. We have never been more excited about the future.


We would like to thank our employees for their hard work and dedication. We also want to thank our customers, partners and shareholders for your continued support and confidence in Emeren Group Ltd.





Yumin Liu  Ke Chen
Chief Executive Officer  Chief Financial Officer






Second Quarter 2023 Earnings Results Conference Call


We will host a conference call today to discuss our second quarter 2023 business and financial results. The call is scheduled to begin at 5:00 p.m. U.S. Eastern Time on Thursday, Aug 31, 2023.


Please register in advance to join the conference call using the link provided below and dial in 10 minutes before the call is scheduled to begin. Conference call access information will be provided upon registration.


Participant Online Registration:



Audio-only Webcast:



Additionally, an archived webcast of the conference call will be available on the Investor Relations section of Emeren Group Ltd's website at https://ir.emeren.com/.


Safe Harbor Statement


This press release contains statements that constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Whenever you read a statement that is not simply a statement of historical fact (such as when the Company describes what it "believes," "plans," "expects" or "anticipates" will occur, what "will" or "could" happen, and other similar statements), you must remember that the Company's expectations may not be correct, even though it believes that they are reasonable. Furthermore, the forward-looking statements are mainly related to the Company's continuing operations and you may not be able to compare such information with the Company's past performance or results. The Company does not guarantee that the forward-looking statements will happen as described or that they will happen at all. Further information regarding risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements is included in the Company's filings with the U.S. Securities and Exchange Commission, including the Company's annual report on Form 20-F. Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation, beyond that required by law, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, even though the Company's situation may change in the future. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.


For investor and media inquiries, please contact:


Emeren Group Ltd

Adam Krop




Holly Ross



The Blueshirt Group

Gary Dvorchak

+1 (323) 240-5796







Appendix 1: Unaudited Consolidated Statement of Operations


   Three Months Ended   Six Months Ended 
   Jun 30, 2023   Mar 31, 2023   Jun 30, 2022   Jun 30, 2023   Jun 30, 2022 
   (in thousands, except per ADS data and ADS) 
Net revenues  $33,846   $12,876   $8,206   $46,722   $11,720 
Cost of revenues   (21,184)   (11,283)   (4,517)   (32,467)   (6,890)
Gross profit   12,662    1,593    3,689    14,255    4,830 
Operating (expenses)/income:                         
Sales and marketing   (127)   (92)   -    (219)   (3)
General and administrative   (5,329)   (4,396)   (3,875)   (9,725)   (6,982)
Other operating (expenses)/income   (2,160)   (108)   (36)   (2,268)   (286)
Total operating expenses   (7,616)   (4,596)   (3,911)   (12,212)   (7,271)
Income (loss) from operations   5,046    (3,003)   (222)   2,043    (2,441)
Other (expenses)/income:                         
Interest (expenses)/income, net   375    (133)   (341)   242    (692)
Investment income   105    77    76    182    790 
Foreign exchange gains   2,119    2,708    872    4,827    787 
Total other income, net   2,599    2,652    607    5,251    885 
Income (loss) before income tax   7,645    (351)   385    7,294    (1,556)
Income tax benefit (expense)   37    (264)   (349)   (227)   (456)
Income (loss), net of tax   7,682    (615)   36    7,067    (2,012)
Less: Net income (loss) attributed to non-controlling interests   (666)   (421)   240    (1,087)   (123)
Net income (loss) attributed to Emeren Group Ltd   8,348    (194)   (204)   8,154    (1,889)
Income (loss) attributed to Emeren Group Ltd per ADS                         
  Basic  $0.15   $(0.00)  $(0.00)  $0.14   $(0.03)
  Diluted  $0.14   $(0.00)  $(0.00)  $0.14   $(0.03)
Weighted average number of ADS used in computing income/(loss) per ADS*                         
  Basic   57,234,013    57,409,673    66,956,781    57,304,704    66,956,781 
  Diluted   57,600,700    57,409,673    66,956,781    57,671,391    66,956,781 


*Each American depositary shares (ADS) represents 10 common shares






Appendix 2: Unaudited Consolidated Balance Sheet


   Jun 30, 2023   Mar 31, 2023   Jun 30, 2022 
   (in thousands) 
Current assets:               
Cash and cash equivalents  $60,450   $66,729   $207,877 
Restricted cash   6    8    157 
 Short-invetements in U.S. Treasury Bills   10,057    9,992    - 
Accounts receivable trade, net   25,511    20,048    27,332 
Accounts receivable unbilled   53,290    51,903    8,744 
Advances to suppliers   754    625    2,398 
Value added tax receivable   7,610    7,142    3,329 
Prepaid expenses and other current assets, net   37,247    17,535    19,366 
Project assets current   33,159    36,711    16,457 
 Deferred tax assets, net   1,039    -    - 
Total current assets   229,123    210,693    285,660 
Property, plant and equipment, net   155,094    172,682    121,199 
Deferred tax assets, net   -    -    739 
Project assets non-current   37,078    31,723    15,940 
Goodwill   1,023    1,023    1,023 
Long-term invetements in U.S. Treasury Bills   -    -    10,043 
Operating lease right-of-use assets   19,722    22,350    16,484 
Finance lease right-of-use assets   17,983    21,504    22,920 
Other non-current assets   17,665    21,751    26,246 
Total assets  $477,688   $481,726   $500,254 
Current liabilities:               
Short-term borrowings   750    1,487    - 
Accounts payable   5,367    5,911    2,720 
Advances from customers   4,598    2,885    202 
Amounts due to related parties   2,226    2,171    9,666 
Other current liabilities   19,469    20,120    6,562 
Income tax payable   1,654    914    489 
Salaries payable   680    550    601 
Operating lease liabilities current   1,149    1,227    205 
Failed sale-lease back and finance lease liabilities current   5,938    8,401    10,692 
Total current liabilities   41,831    43,666    31,137 
Long-term borrowings   22,742    22,024    49 
Deferred tax liabilities, non-current   3,602    3,559    - 
Operating lease liabilities non-current   18,047    20,500    15,428 
Failed sale-lease back and finance lease liabilities non-current   12,706    15,341    21,147 
Total liabilities  $98,928   $105,090   $67,761 
Shareholders' equity               
Common shares   806,576    806,283    847,745 
Additional paid-in capital   14,116    13,941    13,593 
Treasury stock   (34,623)   (33,200)   (20,000)
Accumulated deficit   (429,223)   (437,571)   (434,595)
Accumulated other comprehensive loss   (16,330)   (13,764)   (16,558)
Total equity attributed to Emeren Group Ltd   340,516    335,689    390,185 
Noncontrolling interest   38,244    40,947    42,308 
Total  shareholders' equity   378,760    376,636    432,493 
Total liabilities and shareholders' equity  $477,688   $481,726   $500,254 






Appendix 3: Unaudited Consolidated Statement of Cash Flow


   Three Months Ended 
   Jun 30, 2023   Mar 31, 2023   Jun 30, 2022 
   (in thousands) 
Net cash used in operating activities  $(2,353)  $(23,728)  $(7,863)
Net cash provided by (used in) investing activities   116    (1,866)   (1,973)
Net cash provided by (used in) financing activities   1,160    (16,150)   (4,936)
Effect of exchange rate changes   (5,204)   1,193    (104)
Net decrease in cash and cash equivalents and restricted cash   (6,281)   (40,551)   (14,876)
Cash and cash equivalents and restricted cash, beginning of the quarter   66,737    107,288    222,908 
Cash and cash equivalents and restricted cash, end of the quarter   60,456    66,737    208,032 








Use of Non-GAAP Financial Measures


To supplement Emeren Group Ltd’s financial statements presented on a GAAP basis, Emeren Group Ltd provides non-GAAP financial data as supplemental measures of its performance.


To provide investors with additional insight and allow for a more comprehensive understanding of the information used by management in its financial and decision-making surrounding pro-forma operations, we supplement our consolidated financial statements presented on a basis consistent with U.S. generally accepted accounting principles, or GAAP, with EBITDA, Adjusted EBITDA as non-GAAP financial measures of earnings.


● EBITDA represents net income before income tax expense (benefit), interest expense, depreciation and amortization.


● Adjusted EBITDA represents EBITDA plus discount of electricity subsidy in China, plus share-based compensation, plus impairment of long-lived assets, plus loss/(gain) on disposal of assets, plus foreign exchange loss/(gain).


Our management uses EBITDA, Adjusted EBITDA as financial measures to evaluate the profitability and efficiency of our business model. We use these non-GAAP financial measures to access the strength of the underlying operations of our business. These adjustments, and the non-GAAP financial measures that are derived from them, provide supplemental information to analyze our operations between periods and over time.


We find these measures especially useful when reviewing pro-forma results of operations, which include large non-cash impairment of long-lived assets and loss on disposal of assets. Investors should consider our non-GAAP financial measures in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP.






Appendix 4: Adjusted EBITDA


   Three Months Ended   Six Months Ended 
   Jun 30, 2023   Mar 31, 2023   Jun 30, 2022   Jun 30, 2023   Jun 30, 2022 
           (in thousands)         
Net Income/(loss)  $7,682   $(615)  $36   $7,067   $(2,012)
Income tax expenses (benefit)   (37)   264    349    227    456 
Interest expense (income), net   (375)   133    341    (242)   692 
Depreciation & Amortization   1,544    2,050    1,663    3,594    3,204 
EBITDA  $8,814   $1,832   $2,389   $10,646   $2,340 
Discount of electricity subsidy in China   163    (75)   406    88    615 
Share based compensation   407    441    646    848    1,296 
Loss on disposal of property, plant and equipment   2,128    -    -    2,128    - 
Interest income of discounted electricity subsidy in China   (87)   -    (281)   (87)   (583)
Foreign exchange gain   (2,119)   (2,708)   (872)   (4,827)   (787)
Adjusted EBITDA  $9,306   $(510)  $2,288   $8,796   $2,881